Silk Road forums

Discussion => Security => Topic started by: g01d3n on January 15, 2013, 02:26 am

Title: How Safe is Linking a Bank Account to CoinBase.com?
Post by: g01d3n on January 15, 2013, 02:26 am
Hello, I'm fairly new here and I was wondering how safe is it to link a bank account to my CoinBase account (or any bitcoin place for that matter). I linked my bank account to my CoinBase account last week, and I get my bitcoins tomorrow (bank had to verify for a few days). Is this a safe technique? After I get my coins will tumbling them to a Mtgox account, then to my SR account be viable; or shouls I immediatel unlink my bank account when I get my bitcoins?

Any help is appreciated. Thank you for your time.
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: malinche on April 23, 2013, 04:59 pm
I was curious about this as well. Did anyone ever give you input? How risky would it be to go strait from coinbase to the road? Seems to me it wouldn't be a big deal if you aren't keeping stuff at the address associated with the bank account.
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: cantharidin on April 24, 2013, 02:01 am
Hey - if OP is still around - give us a review on how Coinbase works/worked for you. Does it take 5 days for each transfer, or just the first. Inquiring minds want to know. There's lots of chatter on this board about bitinstant, etc., but I don't hear much about Coinbase.

I've seen a wide range of opinion on the issue of security in moving coins. I figure, for a normal user, sending the coins into and out of SR with a pass through Bitfog is a pretty decent way to do it and I can't see LE bothering to unwind that kind of transaction for anything other than some big major target. Just my opinion.
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: Vegeta on April 24, 2013, 03:30 am
Hey - if OP is still around - give us a review on how Coinbase works/worked for you. Does it take 5 days for each transfer, or just the first. Inquiring minds want to know. There's lots of chatter on this board about bitinstant, etc., but I don't hear much about Coinbase.

I've seen a wide range of opinion on the issue of security in moving coins. I figure, for a normal user, sending the coins into and out of SR with a pass through Bitfog is a pretty decent way to do it and I can't see LE bothering to unwind that kind of transaction for anything other than some big major target. Just my opinion.

I wish we could compile all this information into one big post about the various different companies and methods of moving BTC and currency, and keep it up to date with the latest status (for example: Though reliable, you may experience delays with Bitinstant)

Can you tell me a bit more about Bitfog and your experience with it? Have you used Bitfog yourself? How did it work out for you? Did you try a taint analysis after doing the bitfog process to see what is going on?
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: HiXxY26 on April 24, 2013, 04:16 am
Wow I just checked the coinbase.com website and their step by step instructions look super easy and straight forward. I am also curious as to the turnaround time it takes to get your coins.
Anyone wanna chime in with a review of coinbase.com ?
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: cantharidin on April 24, 2013, 05:09 am
Can you tell me a bit more about Bitfog and your experience with it? Have you used Bitfog yourself? How did it work out for you? Did you try a taint analysis after doing the bitfog process to see what is going on?

I have used bitfog and it worked fine. I don't think it cost much, but  forget the number. I transfer my coins from a legal wallet somewhere else to bitfog and leave it in there for about a half day before sending them on to SR. transfers seem pretty fast - you do need to wait for the 6 confirmations, and the entry time into SR can be more or less depending on how crazy the bitcoin market is..

I liked the process, but not do any security analysis on it. I trust that the bitfog process at least mostly obscures things and would make it prohibitively resource intensive and expensive for LE to prove so I don't worry there. Others may have their own opinion.
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: uhohoreo369 on April 24, 2013, 05:32 am
I use Coinbase. The 4 day process period hasn't ever been a problem with me because I like to take my time with my purchases. However, Coinbase has had a lot of glitches in the past, but I haven't seen any in the last couple weeks. Hopefully they're finally figuring it out...... I have been using it for about 3 months now. Once my coin is processed in Coinbase I send it straight to my Blockchain wallet, which is where I keep it until I'm ready to buy some goodies.

One thing I would like to note is that Coinbase has a limited amount of coins it can sell a day, so the best time to buy them are in the morning. A couple times I have tried making a bitcoin purchase and it says they have exceeded their daily limit. This can be pretty annoying, but I just try again in the morning and it usually works.

It's definitely not for everyone, but for me it works just fine.
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: cantharidin on April 24, 2013, 04:08 pm
Thanks uhohoreo - do you pay pretty close to market price for your coins? The delay is only in getting money into Coinbase, correct? I assume that transfers of bitcoin out are fast?
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: uhohoreo369 on April 24, 2013, 05:18 pm
Thanks uhohoreo - do you pay pretty close to market price for your coins? The delay is only in getting money into Coinbase, correct? I assume that transfers of bitcoin out are fast?

Yeah it's basically the same as market price, maybe a few minutes delay. And yes, the only delay is for your coins to become available for your use. I paid $186 for 2 bitcoins last week, and just received them yesterday, and now those bitcoins are worth over $300 in my Coinbase wallet. To answer your question, yes, transfers out of Coinbase are pretty quick. I haven't had any issues with this. Good luck !
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: malinche on April 25, 2013, 01:05 am
So I guess it was a bad idea to send 10 BTC from coinbase to the road. . .
Title: Re: How Safe is Linking a Bank Account to CoinBase.com?
Post by: uhohoreo369 on April 25, 2013, 04:36 am
So I guess it was a bad idea to send 10 BTC from coinbase to the road. . .

I'm sure you'll be fine, but it's always good to take extra precautions in the future. Tumble your coin through some other wallets before sending it to SR